Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 (15 of 2009)

Schedule 1   Amendments

Part 1   Main amendments

Income Tax Assessment Act 1997

28   Subsection 995-1(1) (paragraph (aa) of the definition of special accrual amount )

Repeal the paragraph, substitute:

(aa) Subdivision 230-A of this Act (which deals with gains and losses from financial arrangements) if:

(i) the accruals method provided for in Subdivision 230-B of this Act is applied to take account of the gain or loss concerned; and

(ii) all the *financial benefits provided and received under the *financial arrangement concerned are denominated in a particular foreign currency;